Can I be a sole trader and be an employee on PAYE?
Yes, you can be a sole trader and be an employee on PAYE.
To set up a business as a sole trader you must register as a self-employed person with Revenue if your net income is above €5,000. You will have to pay Income Tax, Pay Related Social Insurance (PRSI) and Universal Social Charge (USC) on your net business profits.
You do not have to disclose your Sole Trade to your employer (unless it states otherwise in your employment contract).
Your employer will not be able to see your Sole Trade when doing payroll.
You must keep accounting records of all purchases and sales of goods/services, including cash receipts and payments (you should set up a separate bank account for the sole trade business).
You will need to do an annual tax return and file it with Revenue (Form 11) and pay any tax on profits due from the sole trade.
Products related to this post:
Union VAT OSS Registration (in Ireland)€150.00
Union VAT MOSS Registration (in Ireland)€150.00
STARTER PACK: Irish Tax Registrations (for new companies)€450.00 – €1,050.00
non-Union VAT MOSS Registration (in Ireland)€300.00
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VAT Registration (in Ireland)€150.00 – €300.00
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